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          Home Taxes

          Assessed Tax Value vs. Sales Price

          Chuck Marunde by Chuck Marunde
          October 30, 2011
          Reading Time: 3 mins read
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          How does the assessed tax value and the sales price compare for homes in the Sequim area?  This is a question I get from clients moving to Sequim, and because it’s different around the country, clients ask me if the county assessed tax value of the home they might buy is the same as fair market value or the price at which homes actually sell.  In other words, would an independent bank appraisal be the same as the Clallam County Tax Assessment?  If you are going to make an offer on a home, wouldn’t you like to know if the assessed tax value is a good indicator of the true FMV?  Clients are willing to pay a reasonable price, but they don’t want to over pay for a home in this market.

          Assessed Tax Value

          Assessed Tax Value

          Assessed Tax Value vs. Sales Price

          Here are the precise sales prices and assessed tax values of the properties shown in the above graph:

          Homes Sold Sept 2011 Sales Price Tax Value Percent
          No 1 $205,000.00 $242,987.00 18.53%
          No 2 $209,000.00 $299,885.00 43.49%
          No 3 $219,000.00 $214,502.00 2.05%
          No 4 $220,000.00 $207,711.00 5.59%
          No 5 $229,500.00 $280,156.00 22.07%
          No 6 $230,000.00 $308,911.00 34.31%
          No 7 $265,000.00 $255,951.00 3.41%
          No 8 $265,000.00 $262,322.00 1.01%
          No 9 $343,250.00 $297,338.00 13.38%
          No 10 $450,000.00 $383,216.00 14.84%
          No 11 $500,500.00 $350,585.00 29.95%
          No 12 $835,000.00 $704,755.00 15.60%
          Average $285,113.00 $282,142.18 1.04%

          Assessed Tax Value Not Always True Fair Market Value

          As you can see, the relationship between assessed tax value and the sales price of homes (sales price determines the ultimate true FMV) is not equal from home to home.  The County Assessors do not have the time or resources to appraise homes as thoroughly as certified loan appraisers.  The tax assessor’s office often does “curb appraisals” as they drive by the tens of thousands of homes they must assess.  Sometimes they get it right.  Sometimes they are too low.  Sometimes too high, and once in a while they are way off.  That’s the nature of cursory tax assessments.  They are not appraisals.  (The 12 homes in this list include all Sequim homes sold in September of 2011 above the price of $200,000.)

          Notice the percentages.  The difference between the actual sales price and the county assessment is shown in the fourth column, and the difference from home to home varies from 1% to 43%.  Some are off by 18%, others by 22%, 34% 29% and so on.  There is no consistency from home to home, but as might be expected with statistics, when you put them all together, the average comes out to only a 1% difference.  But averages are not what sellers put in their bank accounts.  Statistical averages mean very little to an individual buyer or seller.

          I recommend taking a look at the assessed tax value before making an offer, but the number is just more information.  It is not definitive, and it is not necessarily the true FMV.

          Last Updated on October 30, 2011 by Chuck Marunde

          Tags: Assessed Tax ValueTax Assessed Value
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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